SBM Group Demonstrates Financial Resilience with Strong 1/2 Year Results

The SBM Group has showcased remarkable financial robustness, reporting a pre-tax profit of Rs 3 billion for the first half of 2024. This figure represents an increase from Rs 2.9 billion earned during the same period last year.

In a press release issued on August 11, Sattar Hajee Abdoola, Chairman of the SBM Group, remarked, “Our first-half results for 2024 illustrate the resilience of the SBM Group in a constantly evolving economic landscape.

Our unwavering commitment to prudent risk management strategically positions us for the future.

We remain dedicated to creating value for our shareholders and other stakeholders while sustainably supporting the socio-economic development of Mauritius.”

However, it is noteworthy that the post-tax profit saw a marginal decrease, attributed to changes in taxation regulations.

Additional financial highlights included net loans and advances to customers amounting to Rs 159.7 billion, an increase of Rs 11.4 billion since December 31, 2023.

Meanwhile, customer deposits rose by Rs 32.3 billion, reaching a total of Rs 323 billion. The management emphasized that “the group maintains its financial strength, with a capital adequacy ratio of 19.9%, exceeding regulatory requirements, and a gross Non-Performing Loan (NPL) ratio of 5.8%.”

Looking ahead, the group’s management expressed optimism for continued growth despite challenges in the jurisdictions where it operates.

“As the Mauritian economy continues its upward trajectory, as confirmed by a recent assessment from Moody’s, the group is actively implementing its growth strategy while reinforcing its risk management approach,” they stated.

They also noted that “while investments in human capital and technology have led to increased expenses, these initiatives enhance the group’s resilience and strategic position, ensuring a sustainable future.”

Source: Defi Media